Cents

What I like most about coin collecting is that there is almost always a historical “story” behind why a coin is the way it is. A design on the obverse or reverse to celebrate a specific event; reeded edging to help the visually impaired; or in the case of the “1943 steel cent” the need to redeploy copper from pennies to munitions to support our troops in the South Pacific and Europe during a time of war.

What was Happening in 1943?

During this year in our nation’s history, the US was engaged in two wars, one with Japan and the other with Germany. “War bonds” were purchased my millions of American households, helping the US Government to fund its military machine and allowing those not fighting back home to get involved to support the effort (and an interesting side benefit – keeping inflation in check, typically a problem during times of war because of increased government spending). For the first time in history, Women were working regularly in factories (while men were off fighting the war) and US households everywhere were making consumption choices to help ensure enough raw material was available to help support our country. Car companies became tank companies; petroleum was happily rationed so that it could be used to fuels ships, planes and trucks, each of which was now being built at an unprecedented rate; and raw material such as copper was in high demand, as this was used in bullet casings for the US Military.

1943 Steel Penny

The 1943 steel cent represented more than just a copper-rationing plan. To the American people the 1943 steel cent represented the fight for freedom and war against oppression. Steel pennies were as American as war bonds and posters of Uncle Sam wearing the big white top hat with the words “I Want You” emblazoned across the bottom.

In 1943 there were about 1.1b steel pennies produced, which was enough copper savings to make about 250,000 bullet casings. The new pennies had a completely different look and feel because of their metal content. The steel cent was a dull silver-gray metallic color, but without the luster of silver coins. They were incredibly hard to produce, since steel is a harder metal than copper; when the steel planchet went through the coin press, the dies wore quickly.

1943 Copper Penny

In 1943, there were only 40 copper pennies produced (and these were a mistake, some Mint employee threw a few copper planchets in the machine, probably not thinking much of it. The “1943 penny value (the one made of copper), is circa $50,000).

Steel cents represent a great moment in American history, one where citizens of our great nation acted in unison. Because of their relatively low cost and historical significance, every US coin collector should have at least one steel penny in their collection.

Chronology of the United States Cent

The United States Cent is one of the most collected coins of all the offerings of the US Mint. While there are 8 basic varieties (with many different variations), the series can be broken down into two categories: large cents and small cents. The first cent coin minted in the United States was the Flowing Hair Cent, minted in 1793. This was the first of five large cent coins. Next came the Liberty Cap Cent, minted from 1793 to 1796. This was followed by the Draped Bust Cent (1796-1807); then the Classic Head Cent (1808-1814); next was the Liberty Head Cent (1816-1857). When we move into the Small Cent Variety, there were three minted – the Flying Eagle Cent (1856-1858); the Indian Head Cent(1859-1909); and the Current Lincoln Cent (1909-Present)in all its variations including “the King,” the VDB-S Wheat Back Cent. It is fitting that we begin our special reports with the last one.

 

Large Cents

Flowing Hair Cent (1793);

Liberty Cap Cent (1793-1796);

Draped Bust Cent (1796-1807);

Classic Head Cent (1808-1814);

Liberty Head Cent (1816-1857);

 

Small Cents

Flying Eagle Cent (1856-1858);

Indian Head Cent (1859-1909);

Lincoln Cent (1909-Present).

 

Chronology of the United States Half Cent

The Half Cent was the smallest denomination of American coinage, and was used extensively until 1857. There were five different coins in the series, beginning with the Liberty Cap, Head Facing Left Half Cent in 1793. The coin was minted for one year only. The next to emerge from the Mint was the Liberty Cap, Head Facing Right Half Cent (1794 to 1797); The Draped Bust Half Cent came next (1800 to 1808), followed by the Classic Head Half Cent (1809 to 1836). The series concluded with the Braided Hair Half Cent which ran from 1840 to 1857.

 

Half Cent

Liberty Cap, Head Facing Left Half Cent (1793);

Liberty Cap, Head Facing Right Half Cent (1794 to 1797);

Draped Bust Half Cent (1800 to 1808);

Classic Head Half Cent (1809 to 1836);

Braided Hair Half Cent (1840 to 1857).

Chronology of United States Two and Three Cent Pieces

The Two Cent and Three Cent Piece series each had a relatively short life in the numismatic history of the United States. There was only one Two Cent Piece minted in the United States, it had its run from 1864 to 1873; the Three Cent piece came in two varieties, the Silver Three Cent Piece and the Nickel Three Cent Piece the former from 1851 to 1873, the latter from 1865 to 1889.

 Two and Three Cent Pieces

Two Cent Piece (1864 to 1873);

Silver Three Cent Piece (1851 to 1873);

Nickel Three Cent Piece (1865 to 1889).

Lincoln Cent – From the VDB Controversy through Today

Although a 100+ year veteran of the US Mint today (the 2009 cent marks 100 years), the Lincoln Cent had one of the most controversial beginnings of all coins produced in the United States.  “The V.D.B. Controversy,” as David Bowers describes it in his excellent book: A Guidebook of Lincoln Cents starts with Victor David Brenner (V.D.B), the artist who was commissioned to design the Lincoln Cent.

Brenner was a skilled sculptor, and like many, desired acknowledgement of his work. He was chosen to design the new cent in part because of the work he completed for President Roosevelt. Brenner’s original design displayed his full last name on the reverse of the coin – an unusual element by US standards, but quite common on the coins of other countries. This of course was unacceptable for the Mint and was subsequently reduced to his initials, V.D.B. – more in line with coins of the time and even common today.

The coin was released on August 2, 1909 with just V.D.B.; however, his initials were quite a bit larger than those of previous designers. They were also embossed, making them stand out prominently on the wheat backed reverse. The new “ Penny VDB “ became an instant success. On the first day of its release, coin collectors were hoarding the cent. In the streets, the 1909 VDB cent was being bought and sold for 3 cents each or two for a nickel (what a bargain), immediately after its release. There was just one problem . . .

Secretary of the Treasury Franklin MacVeagh allegedly never studied the coin before its release. When he found Victor David Brenner’s V.D.B initials displayed in plain sight on the reverse, Penny VDB was in for an immediate change. On August 5, 1909, just three days after its introduction to the world, MacVeagh stopped minting the 1909 VBD. Rumors of a recall abounded, creating a frenzy for the coin. In total there were 27,995,000 1909 VDB cents minted, and only 484,000 1909-S VDBs, making the latter one of the most sought after collector coins of all time.

Before we move on:
10 Fun Facts about the 1909 VDB

1. Victor David Brenner was born Viktoras Barnauskas;
2. Before its release, the Los Angeles Times mistakenly gave credit for the design of the Lincoln Cent to the Mint’s Chief Engraver Charles E. Barber;
3. In 1909, it cost $1840 to mint 1,000,000 cents, yielding a profit to the US Government of over $8,000 per million pennies;
4. The obverse of the Lincoln Cent was modeled after a bronze plaque of Lincoln created by Brenner in 1907;
5. Originally, Augustus Saint-Gaudens was commissioned to redesign the entire offering of the US Mint, but he passed away before designing the cent coin;
6. The 1909 cent was commissioned to mark the 100^th anniversary of Lincoln’s birth;
7. Most coins display the designer’s initials, but normally they cannot be observed clearly without magnification. Victor David Brenner’s initials can easily be seen with the naked eye on the reverse of 1909 VDB cent;
8. Charles E. Barber, the Mint’s Chief Engraver did not regard the coin as successful and did not want even a single small initial “B” to be placed on the coin for fear people would confuse Brenner’s work with his own. After being taken out of commission on August 5, the coin was re-released on August 12, 1909 without any initials whatsoever;
9. Charles Barber passed away on February 18, 1917. With Barber gone the VDB was restore to the coin in 1918, this time on the obverse in tiny letters on Lincoln’s shoulder, where it remains today;
10. The Philadelphia mint does not put its “P” on coins, therefore the Mint-less 1909 VDB was minted in Philadelphia.

 

With the restoration of the VDB on the obverse in 1918, there was very little in the way of change to the coin for a number of years. That was until World War II. As we entered the war, munitions supplies were starting to run low because of a shortage of raw material. The main material to make a bullet casing, brass, was becoming more difficult to acquire. Brass, which is a composition of 63% copper and 37% zinc is largely the same metal composition as a penny, which was 95% copper and 5% zinc and tin. With the war in full swing, the US Government made a decision to manufacture steel cents, and in 1943 began production. The coins were made of steel with a 0.00025 inch thick zinc coat.

 

Unfortunately the steel cent was difficult to manufacture because of the hardness of the metal used in its production. To add to this, the coin became spotty quickly. As of January 1, 1944 the Lincoln cent was back to largely its original composition but without the tin component –  95% copper, 5% zinc.

 

In 1959, the reverse was changed from the Wheat Back to the Lincoln Memorial. The new reverse, designed by Frank Gasparro, remained in existence until the 2009 cent came into existence (discussed further below).

 

In 1960, a small date Lincoln cent design was released.

 

In 1982, the composition was changed back to 95% copper and 5% zinc and tin as it had been before the introduction of the steel cent in 1943.

 

In 2009, four different reverses were introduced. The reverses on the 2009 cent were put in place to commemorate the 200-year anniversary of Lincoln’s birth.

 

In 2010, a new reverse was introduced. This coin, designed by Lyndall Bass displays a Union Shield in the center, with E PLURIBUS UNUM across the top of the shield, and ONE CENT across the center. UNITED STATES OF AMERICA was shown on the inside circumference of the top.

Key Dates – Number Minted

1909-S VDB – (0.5 million)

1909-S – (1.8 million)

1914-D – (1.2 million)

1922 – Denver Mint with no mint mark – (volume unknown)

1931-S – (0.9 million)

If you’d like to know more about the fascinating history of the Lincoln cent, see a Guide Book of Lincoln Cents in our book review section.